@Razordin
Most likely, yes. You take this, make a bootable USB-drive/burn this to a DVD-R DL, install SnoLeo, then the Lion. Make sure your Mac can be upgraded to Lion. Then do a proper BACK UP!

Here's what I'd do: total backup on a USB-portable HDD; format my hard drive, then clean install SnoLeo. Use the OS for nearly a minute, wouldn't let Software Updater run (would download updates; useless anyway, because you won't use that OS -> saves time...).
Reboot your Mac, with Lion, then install and let it update to 10.7.5 with all suggested app updates.
Good luck!